UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                  SCHEDULE 14A
           Proxy Statement Pursuant to Section 14(a) of the Securities
                              Exchange Act of 1934

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     14a-6(e)(2))
[ ]  Definitive Proxy [ ] Statement[ ]
[ ]  Definitive Additional Materials
[X]  Soliciting Material Pursuant to ss.240.14a-12

                                 PHH CORPORATION
                          ----------------------------
                (Name of Registrant as Specified In Its Charter)

                         PENNANT CAPITAL MANAGEMENT, LLC
                         PENNANT OFFSHORE PARTNERS, LTD.
                          PENNANT ONSHORE PARTNERS, LP
                          PENNANT ONSHORE QUALIFIED, LP
                            PENNANT SPINNAKER FUND LP
                            PENNANT WINDWARD FUND, LP
                           PENNANT WINDWARD FUND, LTD.
                                  ALAN FOURNIER
                                 ALLAN Z. LOREN
                               GREG J. PARSEGHIAN

                         -------------------------------
    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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     On May 7, 2009, Pennant Capital Management, LLC first utilized, in
connection with its solicitation of proxies for the 2009 Annual Meeting of
Stockholders of PHH Corporation, the investor presentation filed herewith as
Exhibit 1.

                                    * * * * *

     Exhibits
     --------
     Exhibit 1     Investor Presentation prepared by Pennant Capital Management,
                   LLC, dated May 7, 2009.

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